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BOMBER LOCAL MUNICIPALITY CONTRACT MANAGEMENT POLICY Review Date: 23 March 2016 TABLE OF CONTENTS No 1. 2. 3 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Description Introduction Role players of Contract Management

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How to fill out contract management policy

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Step 1: Read through the contract management policy template provided

02

Step 2: Understand the purpose and objectives of the policy

03

Step 3: Determine if any specific modifications or additions are required based on organizational needs

04

Step 4: Identify the key stakeholders and individuals responsible for contract management within the organization

05

Step 5: Outline the processes and procedures for contract creation, negotiation, execution, and monitoring

06

Step 6: Define the roles and responsibilities of each individual involved in contract management

07

Step 7: Determine the documentation and record-keeping requirements

08

Step 8: Establish a system for reviewing and updating the policy periodically

09

Step 9: Circulate the finalized contract management policy to all relevant parties

10

Step 10: Provide training and guidance on the policy implementation to enhance understanding and compliance

Who needs contract management policy?

01

Organizations of all sizes that engage in contract-based activities

02

Businesses that regularly enter into contracts with suppliers, vendors, clients, or partners

03

Companies that want to establish clear guidelines and best practices for managing contracts

04

Organizations that aim to improve contract performance, minimize risks, and enhance compliance

05

Any entity that wants to streamline contract processes and avoid potential legal disputes

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What is contract management policy?

The contract management policy outlines the guidelines and procedures for managing contracts within an organization.

Who is required to file contract management policy?

Generally, it is the responsibility of the senior management or the legal department to develop and file the contract management policy.

How to fill out contract management policy?

The contract management policy can be filled out by detailing the procedures, responsibilities, and compliance measures related to contract management.

What is the purpose of contract management policy?

The purpose of the contract management policy is to ensure efficient and effective management of contracts, minimize risks, and maintain compliance with regulations.

What information must be reported on contract management policy?

The contract management policy should include information on contract creation, negotiation, execution, monitoring, and termination.

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